Media Conglomerate Considers Bids

Posted on Jan 21, 2007

Tribune Media, the conglomerate that owns the Los Angeles Times along with other major newspapers, TV stations and even the Chicago Cubs, announced it is considering offers for its sale. The economic wisdom of conglomeration has come under fire in recent years, but Tribune’s troubles have raised concerns over the future of the newspaper industry in general.

After purchasing the Times, Tribune tried to squeeze every last cent out of the paper, but financial goals remained unmet. Some critics have suggested local ownership, with less pressure on the bottom line, might be a better model for the newspaper business as advertising revenue continues to flow to the Internet. But local ownership comes with its own worries, such as the power an individual or small group might wield over the community’s voice.